Nationwide, local markets have become stable enough to withstand mortgage rate increases. Improving job and other economic sectors have fortified real, organic housing growth. Bargain-basement deals have given way to multiple offers, stiff bidding wars and lickety-split days on market. Inventory may still be thin, but traditional home sellers are stepping up to the plate with new listings. It won’t be long now until the housing recovery is once again referred to as just housing.
In the Twin Cities region, for the week ending July 20:
- New Listings increased 25.1% to 1,731
- Pending Sales increased 6.2% to 1,171
- Inventory decreased 14.3% to 15,623
For the month of June:
- Median Sales Price increased 17.5% to $210,000
- Days on Market decreased 34.5% to 74
- Percent of Original List Price Received increased 2.5% to 97.5%
- Months Supply of Inventory decreased 25.0% to 3.6
Click here for the full Weekly Market Activity Report.From The Skinny.